Landlords should find the house buying process easier under major government reforms - although some property experts have questioned whether key measures such as sales packs will deliver the promised benefits.

Sellers and estate agents will have to provide key information upfront in sales packs at the point of listing, while changes will see new earlier binding agreements to stop parties walking away months into negotiations without a legitimate reason. The government will also back digital identity checks, electronic signatures and AI-assisted conveyancing to strip out duplication, reduce fraud risk and accelerate transactions.

Following years of campaigning, a new code of practice also aims to raise standards for estate agents, alongside proposals for mandatory qualifications.

With the average home purchase taking about 120 days and one in three sales falling through, costing sellers around £400 million per year, the changes aim to cut homebuying times by about four weeks, and save first-time buyers an average of £650.

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For landlords, the biggest takeaway is that when they are putting properties on the market, they will have to be sales-ready before they advertise, start showing and accepting offers - by ensuring they and their agent have all the essential upfront information that will allow the property to be properly valued and presented, explains Sean Hooker, head of redress at the Property Redress Scheme (pictured left).

“This may mean a slight delay at the outset, but the benefits of fewer fall-throughs and a faster transaction stage should mean tangible benefits for all parties,” he tells LandlordZONE. “As buyers, landlords will enjoy a more informed and predictable transaction, and the overall experience will mean it is less risky and result in fewer complaints and less confusion.”

However, there needs to be more detail about sales packs, according to some experts, which will set out a home’s condition, leasehold costs, and chain status.

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Property lawyer at Bishop & Sewell, David Smith, says the government’s consultation admitted that sales packs were dangerously similar to the failed policy of Home Information Packs (HiPs) which were introduced by the Housing Act 2004 before promptly being scrapped. “Unless these packs are structured in such a way that they can actually be relied on - which was a major failing with HiPs - they will be of no significant effect at all,” says Smith (pictured right). “This will also massively up estate agent costs (and fees) so if it is not of any use that would be a bit of a pointless exercise.”

Propertymark warns that with greater expectations on agents to gather, explain, share, and manage information from the start of the process, it’s vital that there’s a phased implementation to ensure the sector has the capability and capacity to support the changes.

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It adds: “Agents and sellers should not be expected to identify or verify complex legal or technical issues without input from qualified professionals. We have recommended that the UK government works closely with regulators and professional bodies to agree one definitive list of material information, with clear guidance on which party is responsible for each category.”

It has called for a shared digital platform or single access point where material information can be uploaded, updated and accessed securely by all relevant parties in real time.

The code of practice will be brought in later this year, with a consultation on estate agent qualifications and expanded digital tools next year. The legislation should be brought in by the end of this Parliament.

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